What is NFFT , RTGS , IMPS , UPI ?

Nowadays we resort to Online Transaction to send money , but do you get how it works? And what are these types? So let's know all these questions today-

We do four types of online transactions-

1. NEFT
2. RTGS
3. IMPS.
4. UPI

NEFT(National Electronics Fund Transfer)

This is an online money transfer tool. With the help of which we transfer money. This system was created by RBI in 2005 . With the help of this system, we can transfer money to each other's account. This transaction is done in Batch-Wise Format. In this money can be sent to any NEFT enabled account in India. For NEFT Transaction , first of all you should know that the account number, IFSC code, name of the bank branch and the name of the account holder should be with you to whom you are sending money.

Time to do Transaction

This transaction can be done only in working time. This cannot be done on Holiday. Normal Day is from 8 am to 7 pm and on Saturdays from 8 am to 1 pm.

There is no maximum and minimum limit of NEFT Transaction.

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RTGS(Real Time Gross Settlement)

RTGS is a system with the help of which you can transfer money instantly. This too was made in 2005. If you want to send money to anyone more than 2 lakh rupees immediately, then you can do this transaction with the help of RTGS .

Time to do its transaction

The timing of this transaction is the same as that of NEFT . This will not work on Holiday. Monday to Friday 9 a.m. to 4:30 p.m. and Saturday 9 a.m. to 2 p.m.

The minimum limit of this transaction is 2 lakh rupees and the maximum limit is not its.

Its charge is-

2,00000-5,00000 Rs 30/Transaction
Above 5,00000 Rs 55/Transaction

IMPS(Immediate Payment Transfer)

IMPS i.e. Immediately Payment Service is such a tool to transfer money, with the help of which money transfer can be done immediately. It takes some time to transfer money in RTGS and NEFT Transaction but it is done immediately by IMPS.

It was created in 2010 by NPCI i.e. National Payment Corporation of India. With the help of this tool, Real Time Money Transfer takes place.

money transfer time

Money can be transferred in IMPS at any time in 24 hours.

Limit and Charges

Minimum Transaction Limit of IMPS is Rs.1 and Maximum Limit is Rs.2 Lakhs/Transaction.

Charges for IMPS Transaction-

10,000 तक – Rs2.5/Transaction
10,000 से 1,00000 तक – Rs5/Transaction
1,00001 Rs15/Transaction.

UPI(Unified Payment Interface)

UPI was introduced in 2016, it was created by NPCI when 500 and 1,000 notes were banned in the country. Then people had a lot of trouble with cash. At the same time, the government had emphasized on cashless economy so that the problem of cash does not come to the fore. That's why Prime Minister Narendra Modi launched UPI.

It works like IMPS Transaction . We can do Recharge, Bill Payment, DTH Recharge etc. with the help of UPI. With the help of UPI, money is transferred instantly to any bank account. This is a very easy and secure payment option.

some UPI apps

BHIM UPI App
Google Pay
Phonepay
Paytm, etc.

What is BHIM App? And how to use BHIM app?

Apart from this, you can install UPI application of any bank. You will find many UPI apps in the Google Play store.

Timings, Charges and Limits

It is free now, if it is charged, then it will be charged 50 paise for one transaction of 100000. Its limit is Daily 10 Transaction and total Rs. 1 lakh mixed 10 times. Means whether you do 1 lakh rupees once or ten times.

Friends, all the transactions mentioned above are absolutely safe and all these transactions are done under the supervision of RBI. If you liked this post, then you must share it or if you have any problem or suggestion then you can comment below.